The New Zealand cycling federation, BikeNZ, will receive a $5 million high performance investment from Sport and Recreation New Zealand (SPARC) over the next four years leading up to the Olympic Games in Beijing in 2008. As an incentive, BikeNZ is also eligible for a further $1.15 million if cycling meets key targets at the 2005, 2006 and 2007 World Championships, the Melbourne Commonwealth Games in 2006 and the Beijing Olympic Games in 2008. In addition, SPARC is investing $1.4 million in BikeNZ's talent development program aimed towards creating future champions for the 2012 Olympic Games.
"This is very positive news for New Zealand cycling and sends a signal that SPARC is confident in the new BikeNZ structure and the medal potential that exists within road, track, mountain bike and BMX," said Rodger Thompson, BikeNZ Chief Executive. "It has been a period of major structural change over the last 18 months in bringing together the various national cycling bodies to work together, however this increased level of support from SPARC clearly reinforces the potential of the new structure.
"BikeNZ will be ensuring we recruit the best people and that our organisational structure is robust. The investment is confirmed and it is now all about delivering. As a new body we've already starting delivering a track record that supporters are recognising."
SPARC's General Manager Performance, Katie Sadleir, said, "We believe that the level of investment we have committed to BikeNZ will not only allow them to win multiple medals at the Beijing Olympics, but that it will also ensure they can develop a group of athletes to win even more medals in 2012."